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Do You Need Long-Term Care Coverage?

Do You Need Long-Term Care Coverage?

November 23, 2021
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You might be wondering whether you really need long-term care insurance.

The conservative answer? If you go without it, you’re taking a bet in which the odds are not very good.

Caring for those with Alzheimer’s, dementia or physical disabilities—all of which are typically covered by long-term-care insurance

is expensive!

According to LongTermCare.gov, care costs are on average:

  • $225 a day or $6,844 per month for a semi-private room in a nursing home
  • $253 a day or $7,698 per month for a private room in a nursing home
  • $119 a day or $3,628 per month for care in an assisted living facility (for a one-bedroom unit)
  • $20.50 an hour for a health aide
  • $20 an hour for homemaker services
  • $68 per day for services in an adult day healthcare center

Long-term disability insurance is an expense that many of us feel we can safely avoid. However, the odds are high that you could need some type of long-term care in your lifetime and having at least some coverage is wise.

If you want more information about the costs and benefits of long-term care insurance, please reach out to our office at 781-245-5500.

If you feel this is something you’d like to include in your financial strategy down the road, we can discuss this at any time.